How to Offer Finance to Home Improvement Customers
Thursday December 23rd, 2021
What is finance for home improvements?
Taking out finance for home improvements is a flexible way to spread the cost of larger home renovations, like a conservatory build or a kitchen refit, into a payment plan that can be paid off over time. Similar to taking out a loan, being able to pay with finance at the checkout can help spread the cost of home renovations into monthly instalments.
While home improvements can be a great investment for your customers, they can also be an expensive purchase to pay for upfront without savings or a credit card. If you’re a business or company that specialises in home improvement services – from kitchen refits to loft conversions offering POS finance as a payment option at the checkout can work as a more affordable payment option for your customers. Discover more about what home improvement finance is, with our guide.
The benefits of offering finance to home improvement customers
If you’re considering offering customer finance at the checkout, you may be wondering what the benefits of offering finance are. Here are some potential benefits of offering finance to home improvement customers:
– Flexibility for your customers: Your customers may appreciate the option to pay with finance at the checkout, especially with larger purchases like home improvements. Renovating your kitchen or building a conservatory can be expensive to cover upfront, so giving your customer the option to buy now and pay later gives your customers more choice at the checkout.
– Increased customer retention: Offer your customer a finance payment plan for their home improvement purchase can create a stronger connection with the customer – more so than if they pay upfront. Your customer is more likely to remember your company and may recommend you to their peers if you offer a more flexible way to pay.
– Quicker conversions: Having finance options for your customer can be an effective way of converting sales. You may find fewer baskets discarded and less time spent wondering why a customer changed their mind at the checkout. Your customers may find the option to pay in instalments more appealing than paying out a larger chunk of money in one go.
– Wider range of customers: By offering finance to your customers, you may be able to target a wider range of customers, including those that otherwise wouldn’t be able to afford to pay for home improvements upfront.
Do home improvement companies offer financing?
Taking out a loan or using a credit card is a popular way to finance home improvements, but can be a time-consuming process. By offering finance at the checkout, you’ll take the unnecessary hassle away from the customer by having both the product and the way to pay all in one place.
While some home improvement companies may offer financing, it is common for customers to look elsewhere for ways to spread the cost. By offering financing at the checkout, you’re likely to stand out from other home improvement companies by offering a different way for your customers to finance their home renovations.
Offering home improvement consumer credit solutions at the checkout can help you stand out against other home improvement companies on the market. You’ll be giving the customer a more flexible way to pay for large purchases like home improvements, which may help improve your customer retention – they may come back to you again with you offering flexible, unique payment options.
Steps to offer home improvement finance
Considering offering consumer finance for your home improvements business? Here are the steps to take to offer home improvement finance to your customers:
- Decide what type of finance you want to offer
Would you prefer to offer 0% interest finance or charge interest? 0% finance may sound more appealing to customers and drive revenue, while charging interest would ensure you’re still making a profit.
- Choose a finance firm
Are you going to manage the finance yourself or choose a financing firm to take care of things for you? If you choose to offer finance with Duologi, we’ll recommend the right finance for you and your business, keeping in mind the needs of your industry and your customer. Check out our guide about the dos and don’ts of offering finance as a tradesperson.
Book a consultation to discover more
Interested in offering home improvement finance to your customers? Duologi could be the answer. We offer a new way to pay for your customers and an effective way of driving sales.
Book a consultation today with our friendly team and we’ll help you to create a bespoke finance solution to fit your industry and the needs of your customers. Our integrations can be easily plugged into your website so you’ll be able to add POS finance to your checkout with ease. That way, you can focus on the needs of your business and your customers and leave the finance stuff to us.